Welcome to the inspiring journey of Ky Logue in the realm of real estate investing. This blog post delves into how Ky, who faced numerous adversities during his childhood, made an extraordinary $60,000 from a single real estate deal within two years.
Ky's story is a testament to the power of perseverance and a positive mindset. His experience in real estate wholesaling offers hope and motivation for those aspiring to financial freedom.
Ky's Early Struggles
Ky's upbringing was marked by instability, with his education spanning 12 different high schools. As the perpetual new student, he often found himself in conflicts, feeling like an outsider.
Despite these early hardships, Ky's interest in real estate investing sparked upon meeting a successful real estate investor. This encounter introduced him to the possibilities within the field, although he initially believed success in real estate was contingent on having substantial finances, good credit, and affluent parents.
Focusing on entrepreneurship, Ky launched a business at 23, assisting people in exiting timeshare contracts. The venture quickly found success, but was marred by a betrayal from his business partner, who siphoned off the profits. This experience underscored the importance of thorough partner vetting and clear business agreements.
Ky's Introduction to Real Estate Wholesaling
Post his initial entrepreneurial venture, Ky discovered real estate wholesaling. He recognized that this niche required minimal capital and suited his strengths in sales and marketing. Viewing wholesaling as an ideal entry into real estate investing, Ky immersed himself in learning about the field and relocated to San Antonio, Texas, to establish his business.
Ky's Initial Success
Ky's first real estate deal came after two months of intensive effort, including 'driving for dollars,' direct mailing, and cold calling. His perseverance paid off with a $1,200 assignment fee from his first deal. Though not a large sum, it proved the viability of his approach to wholesaling.
The Breakthrough $60,000 Deal
Following his initial success, Ky stumbled upon a lead that would mark a turning point. He managed to secure a property at a significantly reduced price and, thinking innovatively, collaborated with a friend to sell the property to Offerpad, resulting in a remarkable $60,000 profit. This deal was a significant milestone, affirming that success in real estate does not necessarily require large capital or perfect credit.
Ky's Key Insights
From his journey, Ky distilled several lessons:
- Overcoming limiting beliefs is crucial for success.
- The importance of cautious partnership selection.
- The pivotal role of sales and marketing skills.
- Persistence in the face of challenges.
- Prioritizing self-care to prevent burnout.
Advice for Aspiring Wholesalers
Ky offers valuable tips for newcomers:
Innovative Deal Finding
- Utilize tools like DealMachine for locating distressed properties.
- Explore county records for potential leads.
- Directly engage with property sources, bypassing intermediaries.
Proactive Seller Engagement
- Initiate contact with sellers through calls or texts.
- Act swiftly to secure deals.
Creative Deal Selling
- Explore partnerships with cash buyers when necessary.
- Consider options like iBuyers for advantageous deals.
Sales & Marketing Mastery
- Hone skills in deal negotiation and personal branding.
- Leverage past experiences and marketing knowledge.
Conclusion
Ky's journey exemplifies that with determination, creativity, and a mindset geared towards abundance, success in real estate wholesaling is within reach. He eagerly offers guidance to novices through various platforms, including his podcast, YouTube channel, and Facebook group.
This narrative is a reminder that with the right approach, leaving a mundane job and achieving a transformative life change through real estate is attainable. Opportunities are abundant for those ready to embrace them.
For any further inquiries or guidance in real estate investing, feel free to reach out!
About Benjy Nichols
Benjy has been a media specialist at DealMachine for the last 2.5 years. He produces, writes, shoots, and edits our media content for our member's DealMachine and Real Estate education.